India, Aug. 19 -- India stands at a pivotal moment in its economic journey. As the world enters an era defined by AI, quantum computing, biotechnology, advanced materials, clean energy and deep-tech innovation, the nations that lead in research and innovation will shape the global economy of the future.

India aims to become a developed economy by 2047. Achieving this goal will require sustained investment in knowledge creation, scientific discovery and technological innovation. But if innovation is to define India's growth story, we need to revisit a fundamental question: How do we think of investment in innovation?

For much of the industrial age, capital was synonymous with physical assets - factories, machinery and infrastructure. The...